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U.k. Faces Short Recession As Brexit Hammers Spending

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House prices to fall 4% in 2017 as consumer spending declines

The U.K. will fall into a “short, shallow recession” around the turn of the year as Brexit hits house prices, jobs and spending, according to the EY Item Club. In a report to be published Monday, the forecaster will say it’s slashing its 2017 growth estimate to 0.4 percent from 2.6 percent and predicting the Bank of England will cut interest rates to zero by the end of 2016.

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